Brightoil Petroleum (Holdings) is pushing forward with its strategy of building or acquiring oil storage and wharf facilities at strategic locations.
In its latest move the Chinese bunker supplier has signed an agreement to develop and operate a $1.047 billion (734 million) oil storage joint venture project in Dalian, in China's northeastern Liaoning province.
The supplier has formed a joint venture with Dalian city's Industrial Zone Management Committee. The new company, Brightoil Dalian Port, will oversee the construction and operation of the oil storage terminal and wharfs on Changxing island.
The development includes an 8 million m3 oil storage facility and the construction of 13-15 berths, including one that can handle tankers of 300,000 deadweight tonnes (dwt).
Brightoil will be given the right to use about 2 million m2 of land for 50 years to develop and operate the project. Work on the project should start this year and the first phase is scheduled to be completed within 18 months.
The storage tanks will be equipped to store fuel oil, diesel, jet fuel, chemicals and crude oil.
Brightoil focuses on the marketing and sale of bunker fuel in China and the east Asian region.